While tech giants Verizon Communications and chipmaker Qualcomm have been pushing to introduce 5G wireless technology as early as next year, they are looking at China for global-standard processes, a Bernstein Research report revealed.

According to the research, China plays a significant role in 5G standards. Unlike AT&T and Verizon, the country has concentrated less on residential broadband. Chinese smartphone maker Huawei plans to become an exporter of 5G technology.

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"China has a strong vested interest in insuring a significant amount of Chinese technology is embedded in the 5G standard - finally freeing them of their dependency on foreign technology and the need to pay royalties," the Bernstein Report revealed. "Their vision of 5G is the most revolutionary; China Mobile's chief scientists of wireless technology is calling to 'rethink the fundamentals' of mobile technology."

On Monday, Verizon claimed its 5G radio specifications have been finalized and its plans to kick off 5G commercially next year, although plans are still vague. Qualcomm, on the other hand, has started introducing 5G technology to a slate of applications.

5G is known not only going to increase wireless speeds but also boost the Internet of Things, where applications require always-on, low-data-rate connections.

"5G standardization will happen in a more concentrated industry than 3G or 4G," the research said, adding that the main network contributors would be Ericsson, Nokia, and Huawei, while Qualcomm will continue to become the chip leader. Furthermore, there will be a restricted list of leaders, namely, China Mobile, Japan's NTT DoCoMo, AT&T, and Verizon as well as Vodafone and Deutsche Telecom.

Tags5G, verizon, Qualcomm, Huawei, Internet of Things, AT&T